Please note that the financial results to be presented in this commentary are preliminary. Statements made in this commentary regarding Franklin Resources, Inc. which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements. These and other risks, uncertainties and other important factors are described in more detail in Franklin's recent filings with the Securities and Exchange Commission including in the risk factors and MD&A sections of Franklin's most recent Form 10-K and 10-Q filings.

This commentary was prerecorded.

Gregory E. Johnson - CEO and President: Hello and welcome to the fourth quarter earnings commentary. I'm Greg Johnson, CEO along with Ken Lewis, our Chief Financial Officer. Overall, relative performance rankings remained strong across the board and improved notably in several key areas such as taxable fixed income or our Global Bond Fund strategies have produced outstanding performance across all standard timeframes.

Operating results ended the fiscal year on a strong note and assets under management, net income, and earnings per share for the fiscal year set all-time highs. Expanding our alternatives business is a core strategic initiative for the Company and during the quarter, we announced the acquisition of a majority stake in fund of hedge fund specialist K2 Advisors. K2 brings a world-class reputation as a fund of hedge funds solutions provider with best-in-class asset allocation and risk management capabilities with a proven track record.

Alternative investments and multi-asset solutions are an important and growing part of our business. We see opportunity for growth in the alternatives and solutions space as investors look for added alpha and increased diversification.

Looking first at U.S. retail performance Templeton equity performance rebounded mostly due to an improved Eurozone equity market where the Templeton funds have an overweight. Franklin Equity was essentially unchanged since last quarter. Mutual series equity relative performance rankings fluctuated across all time periods this quarter, but did have a strong improvement in three-year numbers. Taxable fixed income improved across the board, the most notable improvement being the Templeton Global Bond Fund which is once again ranked in the top decile for the one year period.

Assets under management ended the quarter 6% higher at $750 billion in new high and average AUM increased 2% to $727 billion. The mix in AUM by investment objective and sales region remained consistent with last quarter. Long-term sales increased by 2% this quarter to $42.5 billion, however redemptions remained elevated increasing 9% and contributing to lower long-term net new flows of $2.3 billion. The increase in AUM was mostly due to market appreciation which added about $40 billion to AUM this quarter as performance was strong across the complex. Included in the market appreciation and other AUM roll forward category is the translation impact on approximately $95 billion in AUM that has as its base currency, a currency other than U.S. dollar.

Transcript Call Date 10/25/2012

Operator: Mathew Kelley, Morgan Stanley.

Matthew Kelley - Morgan Stanley: Guys, I was just hoping just, if you could just talk a little bit about the SICAV Fund range and what you're seeing going on there, any substantial one-time dynamics or is it more consumer sentiment shifting both – both in the third quarter, the calendar third quarter and what you've seen so far in the fourth quarter?

Gregory E. Johnson - CEO and President: I'll take a crack at that. I think the real difference between the SICAV flows and the U.S. flows, U.S. flows tend to be a more stable because of the munis and you've seen how municipal bonds have gone from outflows last year to probably $5 billion or so in inflows this year and continue to be very strong. Also the Franklin Income Fund, another one that's turned around a significantly in hybrid category and had very significant inflows. The SICAV range had a much heavier reliance on the Global Bond Fund, and I think the primary difference with the Global Bond Fund in the SICAV range is that a lot of that is driven by gatekeepers and we said on prior calls, once the gatekeeper decides to lighten up, then you have an effect of redemptions over a longer period and even over a year based on the volatility that fund had back in last September, just rebalancing can cause fairly heavy redemptions even in a period when that asset class is doing very well. So, I think that's the real difference when you look at flows, hopefully most of that rebalancing is done, but our sense is that you had a lot of first-time buyers with Global Bonds and maybe some of the gatekeepers based on the volatility that that fund went through back in last September. They probably allocated less than they had before and that would have an unusual lingering effect on redemptions and I think that what we've seen. The other one, Asian Growth Fund, which is a big driver, and tends to move fairly quickly one way or another still had net outflows for the quarter and nothing really to call out there other than I just think it's just a lack of confidence overall and certainly even maybe a bit more negative in Europe than what we're seeing here in the U.S.

Matthew Kelley - Morgan Stanley: Then if I can ask another one, on the institutional side, obviously the global equity institutional inflows that you saw pretty good result given what we've heard from some of your peers. I'd be curious to get your thoughts on what institutions are asking you for at this point and how K2 works into your thinking there as well?

Gregory E. Johnson - CEO and President: Well, I think the institutional flows have been steady and they've been right around the two areas that again we've been talking about in the past, the global equity, as well as fixed income and global equity, especially Templeton, has really had a tremendous turnaround in performance. Now, we're seeing that flow through to the one, three and five-year periods as well. So, I think that should bode well for future wins and we had some nice additions to existing some big sovereign wealth accounts that we've had for a while where we had an addition and then we had a big win in Canada with our (business group) and Canadian Equities that had an effect on the current flows. What was the second part of the question? I'm sorry.